The validity and value of peer assessment using adaptive comparative judgement in design driven practical education

This paper presents the response of the technology teacher education programmes at the University of Limerick to the assessment challenge created by the shift in philosophy of the Irish national curriculum from a craft-based focus to design-driven education. This study observes two first year modules of the undergraduate programmes that focused on the development of subject knowledge and practical craft skills. Broadening the educational experience and perspective of students to include design based aptitudes demanded a clear aligning of educational approaches with learning outcomes. As design is a complex iterative learning process it requires a dynamic assessment tool to facilitate and capture the process. Considering the critical role of assessment in the learning process, the study explored the relevance of individual student-defined assessment criteria and the validity of holistic professional judgement in assessing capability within a design activity. The kernel of the paper centres on the capacity of assessment criteria to change in response to how students align their work with evidence of capability. The approach also supported peer assessment, where student-generated performance ranks provided an insight into not only how effectively they evidenced capability but also to what extent their peers valued it. The study investigated the performance of 137 undergraduate teachers during an activity focusing on the development of design, processing and craft skills. The study validates the use of adaptive comparative judgement as a model of assessment by identifying a moderate to strong relationship with performance scores obtained by two different methods of assessment. The findings also present evidence of capability beyond the traditional measures. Level of engagement, diversity, and problem solving were also identified as significant results of the approach taken. The strength of this paper centres on the capacity of student-defined criterion assessment to evidence learning, and concludes by presenting a valid and reliable holistic assessment supported by comparative judgements.     

Inflation breakeven in the Jarrow and Yildirim model and resulting pricing formulas

The Jarrow and Yildirim model for pricing inflation-indexed derivatives is still the main reference technique adopted in the inflation market. Despite its popularity it has some shortcomings, the most immediate of which is the difficulty of calibrating to market prices of options due to the large number of parameters involved. Since the market trades options on the inflation rate or index, we reformulate their model in terms of the notion of breakeven inflation. The first main advantage is the possibility of describing the prices of the most popular inflation derivatives as functions of just three parameters: breakeven volatility, the volatility of the CPI price index and the correlation between them. Secondly, the resulting Black–Scholes-implied volatilities are very straightforward to implement and the geometric interpretation of the model makes it intuitive to calibrate. Lastly, the model permits us to reproduce a realistic picture of the current state of the art of the derivatives market and, in particular, due to its simplicity, it is able to estimate the risk premium priced by the inflation market.     

The experiential domain: developing a model for enhancing practice in D&T education

Creativity and innovation are leading topics for the twenty-first century, not only in individual, cultural or social contexts but also within a wider perspective in business or economic development. For that reason, creative and innovative activities have started to feature in many design-based programs in second level education. Design and Technology (D&T) education has a special importance in promoting creativity and innovation, particularly when conceptual and material aspects of the design process reciprocally support one another. In the classroom, it is common for pupils to take part in creative and innovative activities in pairs or small groups. However, the complex and non-linear nature of these design-based activities calls for dynamic, collaborative problem solving. While collaborative settings and virtual learning environments in D&T education are receiving considerable attention in current research literature, we know very little about shared interactions in design-based activity. Accordingly, there is a need to examine both the collaborative and individual evidence of design-based activity by turning our attention to the interactions around that evidence as teachers and pupils engage in these activities. The purpose of this paper is to examine a pedagogical approach focusing on the social and cognitive interaction of teachers and pupils which is supported by technology and situated in the context of design-based activity. This research found that such interactions not only augmented the design process but led to a conceptual model which demonstrates evidence-based progress through the active configuration of knowledge and understanding.     

Heuristics and CAD modelling: an examination of student behaviour during problem solving episodes within CAD modelling activities

Design activities typically involve and culminate in the creation of models representative of new ideas and conceptions. The format is often dictated by the specific discipline, with ideas in design and technology education regularly being externalised through the use of computer aided design (CAD). This paper focusses on the realisation stage of a design process, specifically when conceptual ideas are being externalised through CAD. Acknowledging students as novices or quasi-experts with regards to their levels of technical expertise and recognising the limitations in the cognitive capacities of humans suggests merit in investigating problem solving strategies through the lens of heuristics. A comparative study was employed between two distinct CAD systems to examine students modelling behaviour. Considering the situational context of the problems encountered and the bounded rationality which the students are operating within, a number of insights are generated from the findings which are of importance from a pedagogical perspective within design and technology education.     

Framing the constructive alignment of design within technology subjects in general education

Design is core element of general technology education internationally. While there is a degree of contention with regards to its treatment, there is general consensus that the inclusion of design in some form is important, if not characteristic, of the subject area. Acknowledging that design is important, there are many questions which need to be considered in order to guide policy and practice, such as whether a singular general design ability can be explicitly defined empirically beyond an implicit verbal definition, and whether it can be taught and assessed. In order to address these questions in a systematic fashion, a framework is needed in order to guide relevant investigations. Having such a framework would allow for theory to be generated, hypotheses to be tested, and assumptions to be challenged. In response to this apparent need, this article presents a theoretical discussion pertaining to the constructive alignment of learning to design, wherein theories of knowledge, variation theory, knowledge transfer, and assessment validity and reliability are reflected upon.